SDLTM09700 - Scope: when is Stamp Duty Land Tax (SDLT) chargeable: higher rate charge for acquisitions of residential property by certain non-natural persons FA03/S55/SCH4A: alternative finance arrangements - withdrawal of relief FA03/SCH4A/PARAS 6D-6I
As with transactions where alternative finance arrangements are not used, there is a control period of three years beginning with the effective date of the transaction. »Ê¹ÚÌåÓýapp same rules apply for the withdrawal of relief.
In all cases the situation, must be viewed from the perspective of the ‘relevant person�, that is to say the person, other than the financial institution, who has entered into the alternative finance arrangements. This includes considerations of whether a change of circumstances was foreseen and whether it is beyond the control of the relevant person.
In the case of a relevant interest held for a business of letting, trading in or redeveloping properties, the relevant interest must be held by the relevant person throughout the control period. A ‘relevant interest� means
- the interest acquired under the ‘second transaction�,
- the interest purchased in common by a financial institution and another person,
- any interest transferred to the relevant person as a result of the exercising of rights under the alternative finance arrangements, or
- any chargeable interest derived from any of these interests.
»Ê¹ÚÌåÓýapp obligation to make a further return when withdrawal conditions apply rests with the relevant person, not with the financial institution (which in many cases may have made the return for the first transaction).